Singapore is set to implement a comprehensive package worth 1.1 billion Singapore dollars (US$801.40 million) in order to alleviate the financial burden faced by its households. The country’s finance ministry announced on Thursday that this measure is primarily targeted towards domestic households, especially those belonging to the lower- and middle-income brackets.
Despite a decline in inflation rates, households are still grappling with the impact of rising prices across various sectors. In response to this ongoing challenge, the government will allocate S$800 million towards various measures aimed at offering relief.
Among these measures, an additional payment of up to S$200 will be granted to 2.5 million eligible adult Singaporeans. Additionally, resident households with a monthly income per person not exceeding S$1,600 will receive public-transport vouchers worth S$50 each.
In anticipation of future financial strains, approximately S$300 million in subsidies will be provided in 2024. These subsidies have been earmarked to mitigate the potential increase in public-transport fares and cover the rising costs associated with offering public-transport services.
Singapore’s commitment to support its citizens through these comprehensive measures underscores the government’s dedication to ensuring the welfare of its people.